Marketing, Media, and Technology Industries

1H13 Deal Notes M&A and Investments Review Marketing, Media, and Technology Industries 1H13 Review of M&A and Investment Activity in the Marketing, Media, and Technology Industries: 1,303 Totaling a $30.4 Billion Digital Media/Commerce and Marketing Technology were the Most Active Segments in 1H13 with a Combined Total of 863 Traditional Media was the Highest Segment with $11.6 Billion in Deal Overview 1 Segment Analysis Digital Media/Commerce 5 Digital Advertising 6 Marketing Technology 7 Agency & Marketing Services 8 Traditional Media 9 Recent 10 About Petsky Prunier 11 During the first half of 2013, Petsky Prunier tracked 1,303 M&A and investment transactions for a tal of $30.4 billion across five broad segments: Digital Media/Commerce, Digital Advertising, Marketing Technology, Agency & Marketing Services, and Traditional Media. Digital Media/Commerce and Marketing Technology were the most active segments with 442 and 421 transactions announced, respectively. Together, there was $16.8 billion in deal value reported in the segments 55 percent of the tal. Traditional Media accounted for the highest reported value, taling $11.6 billion. Note, three mega transactions announced during the half year were excluded from the analysis limit comparative disrtions: Liberty Global s $24.3 billion purchase of Virgin Media, the $16.7 billion acquisition by Comcast of its remaining 49 percent stake in NBCUniversal from General Electric, and Vodafone s $14 billion take-private of Kabel Deutschland. [continued on page 2] Marketing, Media, and Technology Industries MARKETING, MEDIA, TECHNOLOGY AND SERVICE INDUSTRIES! MARKETING, Marketing, MEDIA, Media, TECHNOLOGY and & Technology AND SERVICE Industries INDUSTRIES! M&A 1H12 1Q12-1Q13 AND M&A INVESTMENT AND INVESTMENT ACTIVITY: ACTIVITY! 2Q12-2Q13 M&A 1Q11-2Q12! ($ and in Millions)! Investment Activity Billions)! ($ in Billions) ($ in Billions) 2Q12 2Q13 M&A and Investment Activity Marketing, Media, and Technology Industries MARKETING, Marketing, MEDIA, Media, TECHNOLOGY and Technology AND SERVICE Industries INDUSTRIES 1H13 M&A 2Q12 1H13 and M&A M&A AND Investment and INVESTMENT Investment Activity ACTIVITY Activity ($ in Millions) ($ in Millions) DOLLAR VALUE 26% Traditional Media $11,621 $27.3 $34.8 $24.9 $52.6 NBC Universal/ Comcast Virgin Media/ Liberty Global $32.7 Vodafone/ Kabel Deutschland Digital Media/ Commerce $7,964 Agency & Marketing Services $486 DEAL VOLUME 817 758 807 634 669 Digital Advertising $1,487 Marketing Technology $8,862 2Q12 3Q12 4Q12 1Q13 2Q13 *Aggregate tals do not include Liberty Global's acquisition of Virgin Media, Comcast's acquisition *Aggregate of its remaining tals do 49 not percent include stake Liberty in NBCUniversal, Global's or acquisition Vodafone's acquisition of Virgin of Media Kabel Deutschland or Comcast's acquisition of NBCUniversal News Group Securities offered through Petsky Prunier Securities, LLC 1

M&A Activity Acquisitions accounted for 46 percent of tal transactions and 61 percent of reported value in 1H13. Digital Media/Commerce was the most active M&A segment with 155 acquisitions announced, of which 36 had an aggregate reported value of $3.7 billion. Thirty percent of activity in the segment was in the ecommerce subsegment, with 46 announced acquisitions, of which 11 had reported value taling $329 million. Compared 2H12, acquisition activity in the Mobile Content/Apps and Social Media/Apps subsegments increased 44 percent and 22 percent, respectively, with a combined tal of 69 control transactions announced worth $2.5 billion in reported value. Notable transactions announced included: Yahoo s $1.1 billion acquisition of Tumblr, which offers a social blogging service, along with its acquisitions of UK-based mobile news gather and delivery app Summly for $30 million, social bookmarking start-up Snip.it for $10 million, mobile venue-recommendation app company Alike, personalized recommendation app company Jybe, and mobile app developer GhostBird Software. Yahoo also acquired mobile gaming companies Loki Studios and GxYz, for a tal of eight acquisitions announced in the Digital Media/Commerce segment during the first six months of 2013 Google s acquisition of Israel-based Waze, which operates a social traffic and navigation app, reportedly valued at more than $1 billion Amazon s $150 million acquisition of Goodreads, which offers an online book discovery platform a community of highly-engaged readers LinkedIn s $90 million acquisitions of news-reading mobile app Pulse and social polling app Maybe Marketing Technology accounted for one-quarter of M&A activity during 1H13, with 147 transactions announced, of which 30 were reported at $6.7 billion in aggregate value. Analytics/Reporting was the most active subsegment with 21 control deals announced, up from 10 in 2H12, followed by Content Management with 16. There were 26 acquisitions announced by cloud-based marketing technology companies, including: Salesforce.com s $2.5 billion acquisition of marketing execution company ExactTarget, which provides cross-channel, digital marketing SaaS solutions, valuing the company at 7.4x revenue SAP s acquisition of Germany-based Hybris, a vendor of cloud-based, multi-channel communication and commerce software solutions, reportedly valued at $1.5 billion Adobe s $600 million acquisition of NeoLane, which offers solutions that help companies manage their marketing across channels There were 124 acquisitions announced in the Traditional Media segment, of which 30 were worth $7.3 billion in aggregate reported value, excluding the three mega deals cited previously. Twenty-six acquisitions were announced in the Broadcast Television and Cable & Satellite Television subsegments, of which 11 were reported at $4.2 billion in aggregate value. Deals announced in the segment included: Gannett s $2.1 billion take-private of broadcaster Belo Onex Corporation s $950 million purchase of Nielsen Holdings tradeshow unit, Nielsen Expositions, which produces tradeshows and conferences in markets including general merchandise, sports, hospitality, and retail design Kroenke Sports Enterprises $214 million acquisition of Outdoor Channel Holdings, which offers programming that captures the hunting, fishing, shooting, adventure, and Western lifestyle, at 2.7x revenue and 34.4x EBITDA Sinclair Broadcast Group s $370 million acquisition of 18 television stations from Barringn Broadcast Group and its $354 million acquisition of Fisher Communications, a television and radio broadcasting company, at 2.1x revenue and more than 11.3x EBITDA Within the Digital Advertising segment, there were 72 acquisitions announced, of which eight were reported at $508 million in aggregate value. Digital Promotion/Coupon was a leading M&A subsegment with 10 deals announced. The Vertical Search and Local Search subsegments gether accounted for 26 percent of deals announced during 1H13, with 19 acquisitions, compared 15 in 2H12. Digital Video was the highest reported value subsegment due Baidu s $370 million acquisition of PPStream, a China-based online video services provider. Additional Digital Advertising acquisitions included: JPMorgan Chase s $35 million acquisition of daily deals start-up Bloomspot, which partners with restaurants, spas, resorts, and other businesses deliver offers consumers in New York, Chicago, and other cities Gilt Group s divestiture of Jetsetter, which operates a private online community help travelers discover and purchase vacations, TripAdvisor in a deal reportedly valued at more than $30 million 1H13 Most Active Strategic Buyers by Buyer Representative Targets Yahoo 8 Alike, GhostBird Software, GoPollGo, Jybe, Loki Studios, MileWise, Summly, Tumblr Omnicom 5 Brandzeichen, Capstret, Conultech, justone, Magnon Group TripAdvisor 5 CruiseWise, GateGuru, Jetsetter, Niumba.com, Tiny Post Google 5 Behavio, Channel Intelligence, LawPovot, Wavii, Waze WPP 5 C-Section, Group SJR, john st., Okam, REP/Grey, REP/G2, and Massive Salesforce.com 4 Clipboard, EdgeSpring, EntropySoft, ExactTarget Dentsu 4 Beijing Wonder Advertising, Kinec, New World Group, Webchutney Studio Amazon.com 4 Astrid, Evi Technologies, Goodreads, IVONA Software IMS Health 4 360 Vantage, Appature, Incential Software, Semantelli 2

Of the 94 acquisitions announced in the Agency & Marketing Services segment, 41 were in the Digital Agency subsegment. Accounting for 42 percent of aggregate volume and 87 percent of reported value, Digital Agency was by far the most active subsegment during 1H13, followed by the Marketing Consulting and Public Relations subsegments, with 10 acquisitions announced each. Recent acquisitions of digitally-focused agencies included: Accenture s $316 million acquisitions of Acquity Group, which provides ecommerce and digital marketing services, at 2.2x revenue and 11.7x EBITDA, and UK based Fjordnet, a design consultancy specializing in digital experiences and services that engage consumers across platforms, including smart devices, tablets, and PCs WPP Group s acquisitions of Turkey-based CS Reklam Hizmetleri Sanayi Ve Ticaret (dba C-Section), Canada-based john st., and UKbased Okam Investment Activity There were 708 investments announced during 1H13, of which 638 were worth $11.8 billion in aggregate reported value. Nearly eighty percent of that activity occurred within the Digital Media/Commerce and Marketing Technology segments. ecommerce was the most active subsegment across all segments, with 111 investments, of which 103 were reported at $2.2 billion in aggregate value. Social Media/Apps and Mobile Content/Apps were the second and third-most active subsegments among invesrs, gether accounting for 17 percent of all investments and 14 percent of aggregate reported value. The largest investments across these subsegments in 1H13 included: Alibaba s $586 million investment in Sina Weibo, a China-based operar of a micro-blogging platform, at a valuation of $3.3 billion A $400 million investment in Beijing Jingdong Century Trading, the company operating 360buy.com, from a consortium of invesrs including Saudi Arabia-based private equity firm Kingdom Holding Company Pinterest s $200 million investment led by Valiant Capital Management at a reported $1.5 billion valuation The $170 million investment in sports-apparel retailer Fanatics.com from a Singapore-based sovereign wealth fund and Alibaba Group, at a reported valuation of $3.1 billion A tal of 274 investments were announced in the Marketing Technology segment, of which 246 reported $2.1 billion in value. Activity in the segment was led by the Analytics & Reporting and Social Technology subsegments, which gether accounted for nearly 30 percent of both investment volume and reported value, during the first half of the year. Of the 79 investments announced in these subsegments, 22 were among companies extending the value of traditional analytics by integrating big data analytics solutions. Investments included: Goldman Sachs $100 million investment in Applied Predictive Technologies, a provider of cloud-based big data predictive analytics software A $38 million investment in MarketShare Partners, a cross-media analytics provider leveraging big data technology provide a combination of technology, data, modeling, and business intelligence solutions, led by FTV Capital The $24 million Index Ventures-led investment in Elasticsearch, a Netherlands-based big data start-up developing real-time search and data analytics solutions Buyer & Invesr Activity Strategic buyers accounted for 93 percent of all control transactions during the first half of the year. Of the 555 strategic deals announced, 104 were reported at $15.2 billion in aggregate value. Twenty-seven percent of these transactions were announced within the Digital Media/Commerce segment, including: Jawbone s $100 million purchase of BodyMedia, a specialty online retailer offering wearable body moniring systems and mobile applications help people monir their weight LinkedIn s $90 million acquisition of Pulse, a news-reading app Amazon s $26 million acquisition of UK-based Evi Technologies, which has developed a mobile natural language search and virtual assistant app Buyout firms announced 40 acquisitions in 1H13, of which 11 were reported at $3.4 billion in aggregate value. Traditional Media was the most active segment among private equity groups, accounting for 43 percent and 75 percent of tal buyout volume and reported value, respectively. Compared 2H12, buyout activity in the Marketing Technology segment 1H13 Most Active Invesrs by Invesr Representative Targets Andreessen Horowitz 13 Caviar, CrowdMed, FiftyThree, Getable, Homejoy, Julep Beauty, Red Hot Labs 500 Startups 11 15Five, BabyList, BarkBox, Bluefields, Logoa, Soldsie, ToutApp, Vayable, YaSabe Atlas Venture 8 clypd, DataXu, Discoverly, DraftKings, Fashion Project, Rocketmiles, SimplyTuition Benchmark Capital 7 Euclid, Optimizely, Rentify, Sailthru, Snapchat, Swif, Urturn GRP Partners 7 ADLY, ChowNow, DailyLook.com, Epoxy, Food Runner, MyTime, uparts Intel Capital 6 500friends, E la Carte, Expect Labs, istreamplanet, Movable, Srenvy Google Ventures 6 FitStar Labs, LendingClub, Moonfrye, N3twork, Rabbit, Weotta Redpoint Ventures 6 Curious.com, Inadco, Infer, PandoDaily, Tastemade, Wochit Battery Ventures 6 FTBpro, Gainsight, GoEuro, Prizeo, Sisense, Sprinklr Index Ventures 6 Business of Fashion, Capitaine Train, Elasticsearch, Four, RAD, Supercell 3

2Q13 M&A and Investment Summary doubled with eight acquisitions announced, of which three had an aggregate reported value of $816 million. Notable buyouts included: The $800 million recapitalization of online survey company SurveyMonkey, reportedly at a valuation of $1.4 billion Sterling Partners buyout of PlattForm Advertising, a direct response, interactive marketing, and communications services company serving schools, colleges, universities, and the military Venture and growth capital investment value increased 59 percent from 2H12, while volume was flat. Digital Advertising and Marketing Technology were the only segments in which investment volume increased, with 30 and 34 additional deals announced, respectively, compared 2H12. Andreessen Horowitz, 500 Startups, and Atlas Venture were the most active invesrs, announcing 13, 11, and eight investments, respectively, during 1H13. IPO Activity Nine companies began trading in the Marketing, Media, and Technology secrs during 1H13. Three of them were in the Digital Media/Commerce segment and based in Asia: China-based Light in the Box, Japan-based Oisix, and South Korea-based mobile and online games developer Softmax. Each of these companies priced in the middle or high-end of their initial filing ranges and ended 1H13 trading above their first day closing price. Marketing Technology companies ChannelAdvisor, Marke, and Marin Software also completed their IPOs. While these companies also priced in the middle or high-end of their initial filing ranges, they all ended the period trading below their first-day closing sck prices. Digital Globe Services, Just Dial, and Tremor Video were the only Digital Advertising companies complete their IPOs. Digital Globe Services closed the period trading up 24 percent the sck s first-day closing price, and Just Dial closed down six percent. After its first day of trading, Tremor Video s shares closed down 15 percent from its IPO price of $10 per share. In 2Q13, Petsky Prunier tracked 669 M&A and investment transactions, of which 389 were worth $18.8 billion in aggregate reported value. Compared 1Q13, reported volume and value increased six percent and 62 percent, respectively. The highest value increases over 1Q13 were reported in Agency & Marketing Services (195 percent), Marketing Technology (166 percent), and Digital Media/Commerce (109 percent). Digital Media/Commerce and Marketing Technology were the most active and highest reported value segments, with a combined tal of 465 transactions announced, of which 306 were worth $11.8 billion in value. The organization and manipulation of multichannel consumer data optimize marketing effectiveness continued be a driving force for M&A and investment activity across these segments, underscored by Salesforce.com s acquisitions of ExactTarget for $2.5 million, along with its acquisition of EdgeSpring, SAP s $1.5 billion acquisition of Hybris, Google s $1.1 billion acquisition of Waze, and Adobe s $600 million purchase of Neolane, name a few. Strategic buyers announced 263 deals (93 percent of control transactions) during the quarter, while venture and growth capital invesrs announced 387 deals. Private equity invesrs announced 19 acquisitions during the quarter, flat from 21 in 1Q13. Marketing, Media, and Technology Industries 2Q13 M&A MARKETING, Marketing, and MEDIA, Media, Investment TECHNOLOGY and Technology AND SERVICE Industries Activity INDUSTRIES 2Q12 2Q13 M&A M&A AND and INVESTMENT Investment Activity ACTIVITY ($ in Millions) ($ in Millions) 29% Digital Media/ Commerce $5,390 Digital Advertising $904 Marketing Technology $6,442 Traditional Media $5,701 Agency & Marketing Services $363 *Aggregate tals do not include Vodafone's acquisition of Kabel Deutschland 4

Digital Media/Commerce M&A and Investment Activity Digital Media/Commerce remained the most active segment in 2Q13 with 239 M&A and investment transactions announced, of which 161 were reported at $5.4 billion in aggregate value. Continued steady growth in online sales propelled ecommerce as the most active subsegment with 89 deals announced. Of these, 65 were worth $1.7 billion in reported value, including: Google and Foundation Capital s $125 million investment in Lending Club, a company operating a lending platform that combines social networking with a fee-based online retail model, at a $125 million valuation The $60 million investment in Eventbrite, a provider of event creation, promotion, and ticket sales services using social commerce drive revenue growth, by T. Rowe Price and Tiger Global Management at a reported $600 million valuation The Seamless/Grubhub merger, which combined two leading online and mobile food delivery businesses that highlight user reviews as their social feature Buyers and invesrs nearly tripled their capital commitment the Social Media/Apps subsegment, while tal reported transaction volume in the subsegment rose 11 percent in 2Q13. Significant Social Media/Apps transactions included: BlackRock s $80 million investment in Twitter, at a reported $9 billion valuation, and Twitter s acquisition of We Are Hunted, a song recommendation app with more than 200 million active users The $60 million Andresseen Horowitz-led investment in Lyft, which provides an online on-demand ride share program, at a valuation of $235 million Most Active Digital Media/Commerce s Buyers Most Active Digital Media/Commerce s Strategic buyers announced 73 transactions during the ($MM) quarter, down from 77 in 1Q13, ($MM) while four private equity buyout ($MM) transactions were announced. Local Searchvalue for control transactions 17 grew 166 percent, 64 while activity 23 was flat from 1011Q13. Digital 90% Media/Commerce (51%) was also the 61 most active 505 Vertical Search 8 24 18 157 53% (79%) 43 1,027 segment among invesrs, with 162 investments announced. Of these, 147 had a reported $2.7 billion in value (up 73 percent from 1Q13). Digital Media/Commerce by Type of Buyer/Invesr ecommerce 68 873 89 1,675 11% (65%) 299 9,747 Mobile Content/Apps 44 169 51 1,382 8% 112% 183 2,283 Social Media/Apps 46 666 51 1,990 (6%) 184% 200 3,591 Gaming 19 215 17 94 (47%) (75%) 104 1,551 Niche Content 15 53 17 192 (18%) (74%) 71 1,195 Classifieds/Auctions/P--P 9 597 13 57 (41%) 154% 59 911 Virtual Goods 1 0 0 0 0% (100%) 2 5 Total 203 2,574 239 5,390 (8%) (30%) 920 19,285 Most Active Digital Advertising s Digital Video 12 26 9 445 (16%) 101% 46 706 Digital Promotion/Coupon 11 151 8 91 111% 24% 28 436 Ad Networks/Exchanges 16 121 6 68 38% 79% 38 294 Mobile Marketing 9 26 5 30 (44%) (57%) 39 187 Online Lead Generation 14 47 5 2 36% (48%) 33 143 Search Marketing 2 0 5 2 (30%) (82%) 17 14 Comparison Shopping 6 Most 61 Active Digital 2Media/Commerce 6 s 0% (97%) 16 2,012 Email Services 0 1Q13 0 2 2Q13 1 100% 1H13 vs 2H12 (98%) 3 LTM 31 Affiliate/CPA Network 3 64 1 0 0% 316% 8 79 Game Advertising 0 0 1 1 (80%) (86%) 6 10 Total 98 583 85 904 18% (62%) 338 5,443 Strategic 77 1,005 73 2,655 4% 17% 294 6,787 Private Equity - Buyout 1 Most 0 Active Marketing 4 Technology 22 s (29%) (100%) 12 4,959 Private Equity - VC/Growth Capital 125 1,569 162 2,714 (12%) 32% 614 7,539 Total 203 2,574 239 5,390 (8%) (30%) 920 19,285 Most Active Digital Advertising s ($MM) Analytics & Reporting 33 253 32 199 55% 163% 107 624 Content Management 21 44 28 144 (38%) (63%) 128 700 Mobile Technology 8 179 28 211 57% 154% 59 543 BI Tools 11 of 116 20 of 243 72% of (21%) 49 of 817 Social Technology 27 149 ($MM) 19 152 ($MM) 10% (28%) ($MM) 88 722 ($MM) CRM 12 93 19 414 158% 410% 43 607 Strategic 40 59 29 449 (1%) (81%) 139 3,210 Commerce Management 10 161 9 1,523 (24%) 821% 44 1,866 Private Equity - Buyout 2 0 1 0 (25%) (100%) 7 195 SFA/Lead Management 6 47 9 38 (12%) (91%) 32 1,049 Private Equity - VC/Growth Capital 56 524 55 455 37% (8%) 192 2,039 MRM/Workflow Management 10 9 8 36 (14%) (44%) 39 125 Total Online Targeting/Optimization 988 583 91 858 904 630 (30%) 18% (62%) 258% 338 39 5,443 922 Subtal 146 1,141 180 3,591 8% 46% 628 7,976 Other 49 1,279 46 2,851 14% Most Active Marketing Technology s 509% 178 4,808 Total 195 1Q13 2,420 226 2Q13 6,442 9% 1H13 vs 2H12 126% 806 LTM 12,785 5

Digital Advertising M&A and Investment Activity There were 85 acquisitions announced in the Digital Advertising segment (30 acquisitions and 55 investments). value in the segment in 2Q13 increased 55 percent quarter-over-quarter, while volume decreased 13 percent. The Vertical Search and Local Search subsegments gether accounted for 48 percent of activity in the Digital Advertising segment. Combined, there were 41 transactions announced (13 acquisitions and 28 investments), of which 26 were reported at $259 million in aggregate value. In comparison 1Q13, activity and value in the Vertical Search subsegment increased by 125 percent and 554 percent, respectively. Travel was the most active search category among the two subsegments, accounting for nearly one-quarter of vertical and local search transactions. Notable deals included: The $57 million investment in China-based travel search engine Qunar.com, from Baidu, GGV Capital, and Hillhouse Capital Management Yahoo s acquisition of MileWise, which specializes in helping serious travelers choose the least expensive flights, not just based on price, but also based on frequent flyer mile discounts TripAdvisor s acquisition of CruiseWise, an online cruise-booking company, and its acquisition of Spain-based Niumba.com, a vacation rental website Activity among the other Digital Advertising subsegments Most Active decreased Digital 40 Media/Commerce percent from the s previous quarter. value increased substantially in the Digital Video subsegment, where, even excluding 1Q13 Baidu s $370 million 2Q13 acquisition of PPStream, reported 1H13 vs 2H12 value increased 188 percent. LTMWithin the Mobile Marketing subsegment, reported value increased 15 percent from 1Q13. Notable transactions included: Spectrum Equity s $50 million investment in Extreme Reach, which provides video advertisement serving, distribution, and management solutions ecommerce 68 873 89 1,675 11% (65%) 299 9,747 Mobile The $15 Content/Apps million investment in Zoove, 44a provider of 169 branded mobile 51phone numbers, 1,382 from Rogers 8% Venture Partners 112% and Panorama 183 Capital 2,283 Social Media/Apps 46 666 51 1,990 (6%) 184% 200 3,591 Gaming The $14 million investment in Verve Mobile, 19 which 215 operates a mobile 17 advertising 94 platform for (47%) national and local (75%) media, by Nokia 104 Growth Partners, 1,551 Niche Content 15 53 17 192 (18%) (74%) 71 1,195 Qualcomm Ventures, and BlueRun Ventures Most Active Digital Advertising s Buyers Strategic buyers accounted for 34 percent of the transactions in the segment, with 29 ($MM) deals announced worth $449 million in aggregate reported value. Of Analytics those, & Reporting 13 were announced in the Vertical 33 of and Local 253Search subsegments. 32 of Venture 199and growth capital 55% of invesr activity 163% was flat, 107 while of reported 624 value Content Management 21 44 ($MM) 28 144 ($MM) (38%) (63%) 128 700 ($MM) declined Mobile Technology by 13 percent from the previous 8 quarter. Huntsman 179 Gay Global 28 Capital s acquisition 211 of MyWebGrocer 57% was 154% the only buyout 59 transactions 543 Strategic BI Tools 77 11 1,005 116 73 20 2,655 243 72% 4% (21%) 17% 294 49 6,787 817 announced. Private Equity - Buyout 1 0 4 22 (29%) (100%) 12 4,959 Digital Advertising by Type of Buyer/Invesr Classifieds/Auctions/P--P 9 597 13 57 (41%) 154% 59 911 Virtual Goods 1 0 0 0 0% (100%) 2 5 Total 203 2,574 239 5,390 (8%) (30%) 920 19,285 Most Active Digital Advertising s Local Search 17 64 23 101 90% (51%) 61 505 Vertical Search 8 24 18 157 53% (79%) 43 1,027 Digital Video 12 26 9 445 (16%) 101% 46 706 Digital Promotion/Coupon 11 151 8 91 111% 24% 28 436 Ad Networks/Exchanges 16 121 6 68 38% 79% 38 294 Mobile Marketing 9 26 5 30 (44%) (57%) 39 187 Online Lead Generation 14 47 5 2 36% (48%) 33 143 Search Marketing 2 0 5 2 (30%) (82%) 17 14 Comparison Shopping 6 61 2 6 0% (97%) 16 2,012 Email Services 0 0 2 1 100% (98%) 3 31 Affiliate/CPA Network 3 64 1 0 0% 316% 8 79 Game Advertising 0 0 1 1 (80%) (86%) 6 10 Total 98 583 85 904 18% (62%) 338 5,443 Most Active Marketing Technology s Most Active Digital Media/Commerce s 1Q13 2Q13 1H13 of vs 2H12 LTM Social Technology 27 149 19 152 10% (28%) 88 722 Private CRM Equity - VC/Growth Capital 125 1,569 93 162 19 2,714 414 (12%) 158% 410% 32% 614 43 7,539 607 Total Commerce Management 203 10 2,574 161 2399 5,390 1,523 (24%) (8%) (30%) 821% 920 44 19,285 1,866 SFA/Lead Management 6 47 9 38 (12%) (91%) 32 1,049 MRM/Workflow Management 10 9 8 36 (14%) (44%) 39 125 Online Targeting/Optimization 8 91 8 630 (30%) 258% 39 922 Most Active Digital Advertising s Subtal 146 1,141 180 3,591 8% 46% 628 7,976 Other 49 1Q13 1,279 46 2Q13 2,851 14% 1H13 vs 2H12 509% 178 LTM 4,808 Total 195 2,420 226 6,442 9% 126% 806 12,785 "Other" includes Ad Serving, Content Delivery Network, Creative Production Platform, Email/Messaging Platform, Market Research Software, Marketing Asset Management, Media Management System, Strategic Product/Price Software, Search & Discovery, Segmentation/Data 40 Mining, 59 SEM/SEO Tools, Teleservices/eServices, 29 449 Web Print, and Website (1%) Creation/Hosting (81%) 139 3,210 Private Equity - Buyout 2 0 1 0 (25%) (100%) 7 195 Private Equity - VC/Growth Capital 56 524 55 455 37% (8%) 192 2,039 Total 98 583 85 904 18% (62%) 338 5,443 Most Active Marketing Technology s Strategic 67 702 72 5,201 (1%) 199% 280 7,874 6

Marketing Technology M&A and Investment Activity With 226 deals announced for $6.4 billion, M&A and Most investment Active Digital volume Media/Commerce and reported s value in the Marketing Technology segment increased 16 percent and 385 percent, respectively, from the previous quarter. Cloud-based marketing ols were the main drivers of M&A and investment activity within the Marketing Technology segment during 2Q13. By moving marketing of aumation and management of solutions the cloud, of both on- and offline marketers have been better-equipped engage cusmers through the use of real-time ($MM) targeting analytics. In addition the acquisitions of ($MM) ecommerce 68 873 89 1,675 11% (65%) 299 9,747 EdgeSpring, ExactTarget, Hybris, and SoundBite Communications, transactions involving cloud-based marketing solutions included: Mobile Content/Apps 44 169 51 1,382 8% 112% 183 2,283 Social Media/Apps 46 666 51 1,990 (6%) 184% 200 3,591 Gaming Answers.com s $37 million acquisition 19of WebCollage, 215 a cloud-based 17software firm 94 enabling manufacturing (47%) companies (75%) update 104marketing 1,551 materials Niche Content 15 53 17 192 (18%) (74%) 71 1,195 Classifieds/Auctions/P--P directly from retail shops websites 9 597 13 57 (41%) 154% 59 911 Virtual Goods 1 0 0 0 0% (100%) 2 5 The $15 million Starvest Partners-led investment in RetailNext, a provider of cloud-based applied big data analytics solutions for brick-and-mortar retailers Total 203 2,574 239 5,390 (8%) (30%) 920 19,285 NetSuite s acquisition of OrderMotion, which provides cloud-based order management and analytics solutions for ecommerce and direct-consumer businesses Together, investments in the Analytics & Reporting and Social Technology subsegments accounted for nearly one-quarter of investment volume in the segment and 28 percent of accompanying value in 2Q13. In addition of the 11 investments in big data of analytics providers, venture and of growth capital firms also sought out investments in social marketing technology companies, including: Digital AEA s Video $68 million investment in Brand 12 Networks, a 26 leading provider 9of social software 445 solutions (16%) and digital marketing 101% services for 46 some of the 706world s Digital Promotion/Coupon 11 151 8 91 111% 24% 28 436 largest brands (note, Petsky Prunier advised Brand Networks on its investment) Ad Networks/Exchanges 16 121 6 68 38% 79% 38 294 Mobile The $18 Marketing million investment in Skytree, 9 a big data analytics 26 company 5offering software 30 capable of (44%) performing machine (57%) learning and 39 other advanced 187 Online Lead Generation 14 47 5 2 36% (48%) 33 143 Search analytics Marketing methods on massive amounts 2of data, led by 0U.S. Venture Partners 5 2 (30%) (82%) 17 14 Comparison Shopping 6 61 2 6 0% (97%) 16 2,012 Email The Services $10 million Fairhaven Capital-led 0investment in 0SocialFlow, which 2 offers ols 1that allow cusmers 100% measure (98%) the effectiveness 3 of their tweets 31 Affiliate/CPA Network 3 64 1 0 0% 316% 8 79 and Facebook posts Most Active Marketing Technology s Buyers Most Active Digital Advertising s Local Search 17 64 23 101 90% (51%) 61 505 Vertical Search 8 24 18 157 53% (79%) 43 1,027 Game Advertising 0 0 1 1 (80%) (86%) 6 10 Total 98 583 85 904 18% (62%) 338 5,443 Most Active Marketing Technology s Invesrs continued make up the majority of activity in the Marketing Technology segment in 2Q13, accounting for 67 percent of deals announced and 19 percent of reported value in the segment. Strategic buyers accounted for of 96 percent of control activity with 72 acquisitions announced, while private equity buyers announced three. The Mobile Technology subsegment accounted for 13 percent of strategic buyer activity and 13 percent of venture/growth Strategic 40 59 29 449 (1%) (81%) 139 3,210 capital Private Equity invesr - Buyout activity, reflecting buyers 2interest in mobile 0 monetization 1 platforms in response 0 continued (25%) mobile (100%) device and mobile 7 app penetration. 195 Marketing Technology by Type of Buyer/Invesr Analytics & Reporting 33 253 32 199 55% 163% 107 624 Content Management 21 44 28 144 (38%) (63%) 128 700 Mobile Technology 8 179 28 211 57% 154% 59 543 BI Tools 11 116 20 243 72% (21%) 49 817 Social Technology 27 149 19 152 10% (28%) 88 722 CRM 12 93 19 414 158% 410% 43 607 Commerce Management 10 161 9 1,523 (24%) 821% 44 1,866 SFA/Lead Management 6 47 9 38 (12%) (91%) 32 1,049 MRM/Workflow Management 10 Most 9 Active Digital 8Media/Commerce 36 s (14%) (44%) 39 125 Online Targeting/Optimization 8 1Q13 91 8 2Q13 630 (30%) 1H13 vs 2H12 258% 39 LTM 922 Subtal 146 1,141 180 3,591 8% 46% 628 7,976 Other 49 1,279 46 2,851 14% 509% 178 4,808 Total 195 2,420 ($MM) 226 6,442 ($MM) 9% 126% 806 12,785 ($MM) Strategic 77 1,005 73 2,655 4% 17% 294 6,787 Private "Other" Equity includes - Buyout Ad Serving, Content Delivery Network, 1 Creative Production 0 Platform, Email/Messaging 4 Platform, Market 22 Research Software, (29%) Marketing Asset (100%) Management, Media 12 Management System, 4,959 Private Product/Price Equity Software, - VC/Growth Search Capital & Discovery, Segmentation/Data 125 Mining, 1,569 SEM/SEO Tools, Teleservices/eServices, 162 2,714 Web Print, and (12%) Website Creation/Hosting 32% 614 7,539 Total 203 2,574 239 5,390 (8%) (30%) 920 19,285 Most Active Digital Advertising s Private Equity - VC/Growth Capital 56 524 55 455 37% (8%) 192 2,039 Total 98 583 85 904 18% (62%) 338 5,443 Most Active Marketing Technology s Strategic 67 702 72 5,201 (1%) 199% 280 7,874 Private Equity - Buyout 5 808 3 8 100% 716% 12 916 Private Equity - VC/Growth Capital 123 910 151 1,233 14% 16% 514 3,994 Total 195 2,420 226 6,442 9% 126% 806 12,785 Most Active Agency & Marketing Services s 7

Agency & Marketing Services M&A and Investment Activity Petsky Prunier tracked 51 transactions with five reported at $363 million in aggregate value among agency and marketing services providers in 2Q13. value in the segment increased 195 percent from the previous quarter, while volume fell 11 percent. Twenty-one deals (41 percent of transactions) were announced in the Digital Agency subsegment, including the largest transaction in the segment: Accenture s $316 million take-private acquisition of Acquity Group. Eight deals supported agency network efforts expand their international coverage, including: Dentsu s acquisitions of Belgium-based New World Group, Romani-based Kinec, China-based New Work Group and India-based Webchutney Studio Omnicom s acquisitions of China-based healthcare agency Consultech and New Zealand-based justone Most Active Agency & Marketing Services s Most Active Digital Media/Commerce s 1Q13 Most Active Agency & Marketing 2Q13 Services s 1H13 vs 2H12 LTM 1Q13 2Q13 1H13 vs 2H12 LTM Strategic 77 1,005($MM) 73 2,655($MM) 4% 17% ($MM) 294 6,787($MM) Private Equity - Buyout 1 0 4 22 (29%) (100%) 12 4,959 Digital Agency 21 23 21 339 (14%) (94%) 91 6,612 Private Equity - VC/Growth Capital 125 1,569 162 2,714 (12%) 32% 614 7,539 Promotion Agency 0 0 5 0 67% (100%) 8 134 Total Marketing Consulting 2038 2,574 48 2394 5,3900 1,100% (8%) (30%) 920 13 19,285 48 Public Relations 4 0 7 0 (35%) (100%) 28 77 Branded Communications 1 2 2 0 (63%) (86%) 11 17 General Agency 1 0Most Active Digital 2 Advertising s 0 (67%) (100%) 12 23 Healthcare Agency 1 0 2 0 (25%) (100%) 7 3 Loyalty/Retention 3 1Q13 3 2 2Q13 25 (38%) 1H13 vs 2H12 (40%) 13 LTM 72 Media Planning/Buying 0 0 2 0 0% (100%) 4 2 Channel Services 0 of 0 1 of 0 0% of 2 of 0 Subtal 39 76 ($MM) 48 363 ($MM) (15%) (93%) ($MM) 189 6,989 ($MM) Strategic Other 40 18 59 47 293 4490 (49%) (1%) (81%) (90%) 139 62 3,210 508 Private Total Equity - Buyout 57 2 123 0 51 1 363 0 (25%) (24%) (100%) (93%) 251 7 7,497 195 Private Equity - VC/Growth Capital 56 524 55 455 37% (8%) 192 2,039 "Other" includes Database/Analytics, Experiential Marketing, Retail Services, Ad Specialty/Premiums, Design Agency, DM Agency, List Broker/Manager, and Social Agency Total 98 583 85 904 18% (62%) 338 5,443 Buyers Most Most Active Active Marketing Traditional Technology Media s s 1Q13 1Q13 2Q13 2Q13 1H13 1H13 vs vs 2H12 2H12 LTM LTM (% Dentsu, Omnicom, IPG, and WPP had a combined tal of eight acquisitions announced in 2Q13. Of the seven investments announced in the ($MM) segment, Strategic Entertainment two Media were among loyalty/retention 67 18 companies; 702 409Affinity Solutions 72 16 raised $21 5,201 1,578 million led by (55%) (1%) Chestnut Hill 199% (71%) Partners, and 280 EveryMove 110 raised 7,874 8,775$4 Private Broadcast Equity Television - Buyout 59 1,515 808 10 3 2,847 8 100% (71%) 716% (25%) 12 85 10,202 916 million from BlueCross BlueShield Venture Partners, Sandbox Industries, and Blue Cross and Blue Shield of Nebraska. Private Cable & Equity Satellite - VC/Growth TelevisionCapital 1235 3,694 910 1518 1,233 212 (55%) 14% (57%) 16% 514 42 13,020 3,994 Consumer Magazine Publishing 5 10 8 20 (78%) (98%) 71 1,346 Total 195 2,420 226 6,442 9% 126% 806 12,785 B--B Media 6 42 6 950 (25%) 270% 28 1,261 Radio 7 173 6 30 (73%) (72%) 62 932 Digital Place-Based Media 3 12 5 64 (20%) (98%) 18 3,302 Agency & Marketing Services by Type of Buyer/Invesr Consumer Book Publishing 10 62 4 0 (64%) (98%) 53 3,060 Newspaper Publishing 17 Most 2Active Agency & 4Marketing Services 0 s (53%) (95%) 66 40 Traditional Outdoor 0 1Q13 0 1 2Q13 0 (90%) 1H13 vs 2H12 (100%) 11 LTM 122 Yellow Pages 1 0 0 0 (83%) (100%) 7 3,032 Total 81 of 5,920 68 of 5,701 (63%) of (65%) 7 of 3,032 Strategic 48 75 42 339 (20%) (93%) 203 6,692 Private Equity - Buyout 5 0 2 0 (22%) (100%) 16 588 Private Equity - VC/Growth Capital 4 48 7 25 (48%) (51%) 32 218 Total 57 123 51 363 (24%) (93%) 251 7,497 Most Active Traditional Media s Strategic 60 1,761 47 2,954 (69%) (75%) 448 23,426 Private Equity - Buyout 8 42 9 2,495 (41%) (81%) 46 16,168 Private Equity - VC/Growth Capital 13 4,117 12 252 (26%) 287% 59 5,497 Total 81 5,920 68 5,701 (63%) (65%) 553 45,091 8

Traditional Media M&A and Investment Activity Among traditional media companies, Petsky Prunier tracked 68 transactions, of which 26 were worth $5.7 billion in 2Q13. Activity and value fell 16 percent and four percent, respectively, from the previous quarter, largely due a 76 percent decrease in activity in the Newspaper Publishing subsegment and a 60 percent decrease in the number of deals in Consumer Book Publishing. M&A and investment activity in the Broadcast Television and Cable & Satellite Television subsegments remained strong, with a combined tal of 18 transactions announced, of which nine reported $3.1 billion in value. In addition Vodafone s $14 billion purchase of Kabel Deutschland and Gannett s $2.1 billion take-private of Belo, notable television-related transactions announced included: Scripps Networks Interactive s acquisition of Singapore-based Asian Food Channel Network, a food-focused pay television network Mojo Brands Media s acquisition of The Daily Buzz, a nationally syndicated morning news program Strategic 77 1,005 73 2,655 4% 17% 294 6,787 The largest investment during the quarter was Goldman Sachs $110 million investment in India-based DEB Networks, a cable television distribution Private Equity - Buyout 1 0 4 22 (29%) (100%) 12 4,959 company, Private Equity followed - VC/Growth by Capital a $28 million investment 125 in Israel-based 1,569 RRsat 162 Global Communications 2,714 Network, (12%) which provides 32% content 614 management 7,539 and Total 203 2,574 239 5,390 (8%) (30%) 920 19,285 distribution services television and radio broadcasting industries, from Viola Private Equity and Vpartners at a $112 million valuation. Buyers Strategic buyers announced 47 transactions during 2Q13, 12 of which were worth $3 billion in aggregate reported value. Of these, ten were announced in the Entertainment Media segment. Eighteen of percent of the tal activity of was announced by venture and growth capital invesrs. There were a combined tal of 12 investments announced in the segment worth $252 million in aggregate reported value. Of the nine buyout transactions Strategic 48 75 42 339 (20%) (93%) 203 6,692 announced, Private Equity - five Buyout were in the Broadcast Television 5 and Cable 0 & Satellite 2 subsegments. 0 (22%) (100%) 16 588 Traditional Media by Type of Buyer/Invesr Most Active Digital Media/Commerce s Most Active Digital Advertising s Most Active Traditional Media s Most Active Traditional Media s Strategic 40 59 29 449 (1%) (81%) 139 3,210 Private Equity - Buyout 2 of 0 1 of 0 (25%) of (100%) 7 of 195 Private Equity - VC/Growth Capital 56 524 ($MM) 55 455 ($MM) 37% (8%) ($MM) 192 2,039 ($MM) Entertainment Total Media 18 98 583 409 85 16 1,578 904 (55%) 18% (62%) (71%) 338 110 5,443 8,775 Broadcast Television 9 1,515 10 2,847 (71%) (25%) 85 10,202 Cable & Satellite Television 5 3,694 8 212 (55%) (57%) 42 13,020 Consumer Magazine Publishing 5 10 8 20 (78%) (98%) 71 1,346 Most Active Marketing Technology s B--B Media 6 42 6 950 (25%) 270% 28 1,261 Radio 7 1Q13 173 6 2Q13 30 (73%) 1H13 vs 2H12 (72%) 62 LTM 932 Digital Place-Based Media 3 12 5 64 (20%) (98%) 18 3,302 Consumer Book Publishing 10 62 4 0 (64%) (98%) 53 3,060 Newspaper Publishing 17 2 4 0 (53%) (95%) 66 40 Traditional Outdoor 0 0 1 0 (90%) (100%) 11 122 Yellow Strategic Pages 671 702 0 720 5,2010 (83%) (1%) (100%) 199% 2807 7,874 3,032 Total Private Equity - Buyout 81 5 5,920 808 68 3 5,701 8 100% (63%) 716% (65%) 553 12 45,091 916 Private Equity - VC/Growth Capital 123 910 151 1,233 14% 16% 514 3,994 Total 195 2,420 226 6,442 9% 126% 806 12,785 Most Active Agency & Marketing Services s Private Equity - VC/Growth Capital 4 48 7 25 (48%) (51%) 32 218 Total 57 123 51 363 (24%) (93%) 251 7,497 Most Active Traditional Media s Strategic 60 1,761 47 2,954 (69%) (75%) 448 23,426 Private Equity - Buyout 8 42 9 2,495 (41%) (81%) 46 16,168 Private Equity - VC/Growth Capital 13 4,117 12 252 (26%) 287% 59 5,497 Total 81 5,920 68 5,701 (63%) (65%) 553 45,091 9

Recent a leading provider of social software solutions and digital marketing services for some of the world s largest brands, one of just 13 Facebook Strategic Preferred Marketing Developers (spmd) has received a $68M minority investment from the largest provider of cloud-based SaaS ols for printing signs, labels, and tags, and publishing digital displays for retailers a unit of a leading multiplatform travel and lifestyle media company a subsidiary of a provider of online travel guides for p destinations around the world along with digital subsidiary specializing in retail, digital, shopper marketing, and consumer services (NYSE: LXK) (NYSE: GCI ) a leading digital advertising monetization and shopper marketing partner for ecommerce retailers a portfolio company of a leading provider of in-sre and shopper marketing signage major North American retailers a real-time behavioral advertising company a leading provider of digital production services brands and agencies a dynamic display media and retargeting company with financing from (NYSE: AOL) (NYSE: ACN) (JASDAQ: 4755) a leading provider of transportation-based digital media networks has received a mezzanine debt investment from a leading digital direct marketing company utilizing a proprietary database provide cusmer acquisition solutions for major brands has received an equity investment from a leader in technology and global in-app advertising for Facebook, Apple (ios), and Android developers has received a $66M investment from a provider of a cloud-based integration platform for the digital marketing industry has received $15M financing led by a leader in multichannel retail, ecommerce and loyalty marketing services with debt financing from a leader in global healthcare, primary market research and influence network mapping a portfolio company of the p independent direct--consumer marketer of dental savings plans and a leading provider of services for domain name registration, acquisition, brokerage, and sales a leading data management and audience optimization platform (DMP) company a global digital marketing agency a unit of a leading provider of taxi-based outdoor media (NYSE: PAY) a leading provider of integrated data, technology, and analytics solutions has acquired a pioneer in measuring the impact of promotion on physician prescribing behavior a premier provider of affinity programs for universities and colleges a leading advertising i technology company (Xetra: DPW.DE) (TSX: PTO) a leading shopper marketing execution company a portfolio company of Vestar Capital Partners has merged with and one of North America s largest mobile marketing and gateway solution providers the leader in attribution management and online advertising analytics a rapidly growing provider of online and offline performance-based cusmer acquisition solutions a number of the largest suppliers of home services in the U.S. has received a majority investment from a portfolio company of a portfolio company of Parthenon Capital Partners KRG Capital Partners (Nasdaq: GSIC) 10

About Petsky Prunier LLC Petsky Prunier is one of the leading investment banks in the technology, media, marketing, ecommerce, and healthcare industries. Our firm s mergers and acquisitions and private placements advisory services reflect a unique blend of product specialization and industry expertise. Together with strategic consulting firm Winterberry Group, a Petsky Prunier company, our organization represents one of the largest industry-specific advisors providing strategic and transactional services. In addition, we offer international reach through our partnership with Altium. Established for more than 20 years and privately owned, Altium is an international investment bank operating from nine offices across Europe. Securities transactions are processed through Petsky Prunier Securities LLC. Expertise. Commitment. Results. New York Palo Al Las Vegas Chicago Tampa www.petskyprunier.com Michael Petsky Partner 212.842.6001 mpetsky@petskyprunier.com Sanjay Chadda Partner & Managing Direcr 212.842.6022 schadda@petskyprunier.com John Prunier Partner 212.842.6021 jprunier@petskyprunier.com Norm Colbert Partner & Managing Direcr 702.990.3280 ncolbert@petskyprunier.com Chrispher French Managing Direcr 212.842.6033 cfrench@petskyprunier.com Amy LaBan, CFA Managing Direcr 212.842.7126 alaban@petskyprunier.com Jed Laird Managing Direcr 212.842.7120 jlaird@petskyprunier.com Seth Rosenfield Managing Direcr 212.842.6018 srosenfield@petskyprunier.com John Sternfield Managing Direcr 650.320.1650 jsternfield@petskyprunier.com Scott Wiggins Managing Direcr 212.842.6028 swiggins@petskyprunier.com Matthew Kratter Senior Vice President 212.842.6024 mkratter@petskyprunier.com Securities offered through Petsky Prunier Securities, LLC, member FINRA/SIPC 11